Mitsui OSK Lines has announced a major expansion of the company’s iron ore carrier fleet, with a proposal to launch 44 new vessels.
The move is part of MOL’s growth strategies in the new mid-term management plan MOL ADVANCE, which began on April 1.
Between April 2007 and early-2012, the company plans to launch five type 300 (300,000 ton) vessels, six type 230, six type 200, fifteen type 170, eight type 110 and four type 80 vessels.
MOL expects the production of crude steel to continue to grow, particularly in China, where major players in the industry are restructuring and integrating their operations. As a result, demand for the transport of raw materials for steel will also increase.
The company has already signed long-term contracts for half of the 44 new-build vessels, and expects 60% of the new carriers to sail under long-term agreements.
As at end-March 2007, MOL’s iron ore carrier fleet comprised 118 vessels including Cape size and Panamax vessels.
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